Have a look what happened to the goldies, including NCM in 2008. In addition see what happened to the goldies in August/September/October in 2011 when the market tanked and goldies were also thrased despite the high gold price.
Bottom line is that it is better to sell out if there is a sustained fall across the market. We have a risk on/risk off type of market. The quality of the goldie's propsects also matter, but they will also be sold off to some extent.
